President of the Dangote Group and founder of the Dangote Petroleum Refinery Aliko Dangote, has teased an impending “major shakedown” for Nigeria’s downstream oil sector. Speaking to reporters after a recent visit by President Bola Tinubu to the $20 billion refinery in Lekki, Lagos, Dangote clarified that this isn’t about price reductions, but rather a complete overhaul of the sector.
When pressed to elaborate on the significant impact the refinery would have on Nigerians, Dangote responded, “Now that the President has visited and he has given us additional energy, we will inform you, you will hear from us soon, and that will be one of the major shakedowns in the entire country. It is not the reduction of price, it will be the total overhaul of the downstream.” He remained tight-lipped on specifics, only hinting that the company is set for a “massive trajectory” with the refinery.
“I told the President that he had not seen anything yet, we are going on a massive trajectory, much more than what you have seen here. If you come back in the next five years, the refinery will be on the back burner,” Dangote added, indicating even grander plans beyond the current scale of the refinery.
The industrialist also reaffirmed intentions to list the refinery on the stock exchange, starting with the fertilizer company this year. He acknowledged the positive impact of President Tinubu’s economic policies, asserting that recent reforms have fostered a more conducive environment for industrial growth and long-term investment.
Dangote expressed appreciation for President Tinubu’s “Nigeria First Policy,” a strategic approach aimed at reducing dependence on foreign goods and services by prioritizing local content in investment decisions, business operations, and consumer behavior. He noted that this policy aligns perfectly with the Dangote Group’s corporate vision of domestic production and fostering self-sufficiency to meet the basic needs of Nigerians.
He further commended the administration’s “significant improvements in national infrastructure through initiatives such as the Nigerian Road Infrastructure Development Fund and the Refurbishment Investment Tax Credit Scheme.” Under these schemes, he revealed that eight major roads, including the Lekki-Epe corridor, had been awarded within the same cluster at a cumulative cost of N900 billion.
According to Dangote, the petroleum refinery is a cornerstone of several strategic initiatives by the Dangote Group designed to support the Federal Government’s Renewed Hope Agenda, which seeks to reposition Nigeria as a regional manufacturing hub. “Our objective is to produce domestically those goods that have historically been imported, despite our abundant natural resources,” he stated. “It is on record that our investment in cement manufacturing made Nigeria self-sufficient in that sector, ending cement importation and turning the country into a net exporter. We achieved the same in fertiliser production, as Nigeria is now self-sufficient and exports the surplus, thereby generating valuable foreign exchange. We have also commenced exportation of refined petroleum products to several countries, including the United States and Saudi Arabia, among others,” he proudly added.
Dangote emphasized the extensive benefits the refinery offers to the Nigerian economy and its people, confidently declaring that “the days of long fuel queues were over in Nigeria.” He reiterated the group’s unwavering commitment to Nigeria’s economic transformation, stating, “We remain steadfast in our commitment to contributing meaningfully to Nigeria’s economic transformation, supporting your administration’s efforts to build a self-reliant, globally competitive nation. We have remained Nigeria’s highest tax-paying company. With continued collaboration and shared resolve, we are confident that the journey ahead will usher in even greater opportunities for our people and our country.”
In a gesture of appreciation, Dangote informed the President that the main road leading into the refinery would now be officially named “Bola Ahmed Tinubu Road.” He also disclosed that, despite paying N450 billion in taxes last year, the group is committed to spending N900 billion on road infrastructure across Nigeria, including the Deep Sea Port Access Road, which is part of “one of eight major road projects totalling 500 kilometres, including two in Borno State that will eventually link Nigeria to both Chad and Cameroon.”
In response, President Tinubu lauded Dangote for his unwavering belief in Nigeria and for making “bold investments that have become a cornerstone in the country’s economic transformation.” He described the refinery as “a remarkable achievement,” a “phenomenal project of our time,” and “a major point of reference for Nigeria’s industrial and economic growth.”
“Having inspected the Dangote Refinery, which is a great point of reference, a great phenomenon of our time, and a massive investment, I want to thank Aliko Dangote. I am also pleased that the Deep Sea Port project, which I initiated during my tenure as Governor of Lagos State, has become a resounding success. It has significantly reduced logistics costs by eliminating the need for trans-shipment,” Tinubu remarked. He went on to describe Dangote as one of the ‘four wise men’ in Nigeria’s economic landscape, acknowledging his profound investments and steadfast commitment to the nation. “I landed here with four wise men. I will say, wise men. Jim Ovia of reputable Zenith Bank, who has been acknowledged worldwide; Femi Otedola, my baby brother; Samad Rabiu of BUA; and I believe the wisest of them all, Alhaji Aliko Dangote, who is so daring in thinking, doing, and believing in his country,” Tinubu concluded.
